SSS eyeing lower premiums, longer terms for 4Ps members

THE Social Security System (SSS) is looking at different strategies to prompt and help beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) to avail of a proposed low-cost insurance and pension program, including the possible lowering of monthly premiums and longer terms of payment of contributions.

SSS president and CEO Rolando Ledesma Macasaet said that at present, an SSS member must pay a minimum of P570 per month for 10 years to be able to enjoy the minimum pension upon reaching the retirement age of 60 years old.

Macasaet said the P570 a month may be difficult for some 4Ps members, including those who are set to graduate from the program.

Macasaet they are still conducting an actuarial study to determine how much the 4Ps members can actually shoulder as monthly premium contribution.

He said they are also looking at possibly lowering the P570 contribution but requiring a longer payment period.

He said this means the monthly contribution could, for instance, be lowered to P300 to be contributed for 12 to 15 years or longer.

He said another measure that are looking at is for corporate sponsors to shoulder part of the contributions of 4Ps beneficiaries. He said aside from some corporate firms, some local government units are likewise willing to shoulder part of the contributions.

Macasaet said apart from the pension, 4Ps beneficiaries who would voluntarily avail of the proposed low-cost insurance program will also be eligible for the other benefits accorded to regular members, such as loans.

Department of Social Welfare and Development (DSWD) Secretary Rex Gatchalian and Macasaet yesterday signed a memorandum of agreement (MOA) for the “4Ps AlkanSSSya Program” which aims to provide a low-cost insurance program for 4Ps beneficiaries.

The MOA outlines the commitment of the DSWD to ensure that 4Ps beneficiaries are educated on the importance and benefits of the SSS membership and savings scheme and have access to low-cost social insurance. It also contributes to the DSWD’s financial literacy efforts among its beneficiaries.

Gatchalian said the 4Ps AlkanSSSya Program is voluntary.

4Ps National Program Manager and Director Gemma Gabuya previously said that